Samsung Life Launches Whole Life Insurance Allowing Enrollment Even After Hospitalization or Surgery Within 2 Years

Samsung Life announced on the 19th that it will start selling the 'Super Simple Secure Plus Whole Life Insurance,' which allows enrollment even if there is a history of hospitalization or surgery within the past two years, starting from the 21st.

[Asia Economy Reporter Oh Hyung-gil] Samsung Life Insurance announced on the 19th that it will start selling the 'Super Simple Dundeun Plus Whole Life Insurance,' which allows enrollment even if there is a history of hospitalization or surgery within the past 2 years, starting from the 21st.

Existing simple whole life insurance required customers to notify the insurer if they had been hospitalized or undergone surgery within the past 2 years. However, this product allows enrollment as long as there is no history of hospitalization, surgery, or additional examination (re-examination) recommendations within the past 3 months, and no diagnosis, surgery, or hospitalization due to cancer, stroke, angina, or myocardial infarction within the past 5 years.

The main insurance covers death, with a maximum enrollment limit of 1 billion KRW. Through riders, it provides coverage for cancer, cerebral hemorrhage, and acute myocardial infarction diagnoses, which are of high interest to customers with pre-existing conditions. A total of 11 types of riders can be selected, offering various protections such as diagnosis, hospitalization, and surgery.

After the premium payment period, additional payments and mid-term withdrawals are possible. The enrollment age is from 30 to 70 years old based on the main insurance, and the insurance period is whole life.

Riders are renewed every 3 or 15 years and provide coverage up to a maximum age of 100. However, premiums may increase upon renewal due to changes in insurance age, base rates, and other factors.

A Samsung Life Insurance official stated, "Reflecting the social phenomenon of rapidly aging population, we developed this product to meet the needs of customers with pre-existing conditions who had difficulty enrolling in existing simple whole life insurance." He added, "It is expected to attract the interest of customers with pre-existing conditions who want coverage not only for death but also for diagnosis and surgery of the three major diseases."